Australia shares close higher on financials; NZ flat

Reuters Staff

2 Min Read

(Updates to close)

March 17 (Reuters) - Australian shares closed higher on Friday in their fourth consecutive session of gains, supported by a rise in financial stocks after two of the ‘Big Four’ banks increased their mortgage rates.

The S&P/ASX 200 index climbed 0.2 percent to 5,799.60 points at the close of trade, gaining 0.4 percent for the week.

National Australia Bank raised interest rates on residential investment loans by 25 basis points to 5.80 percent on Thursday, while Westpac Banking said on Friday it would increase its variable home loan rate for owner occupiers by 3-8 basis points.